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What is your CIBIL score and how does it work?

Your CIBIL score is a three-digit number, ranging from 300 to 900, that acts as a measure of your credit worthiness. The score is derived after taking into consideration your credit history, details found in your CIBIL report, and is maintained as a record by credit information company Transunion CIBIL.Your lender checks your CIBIL score to verify your ability to repay the loan before granting you approval. The closer you are to a credit score of 900, better the chances of getting easy approval on your loan. A score closer to 300 is considered poor.It may seem tedious to maintain a good credit score. However, if you adhere to healthy financial practise by paying credit card bills, EMIs, and loans in time, make only genuine credit enquiries, then your credit score will strengthen. The score in your credit report holds importance when you apply for credit card, loan, house for rent etc

How to check your CIBIL Score?

You can check your CIBIL Score for free right here on the swiftloans (no consumer login or registration required).All you need to do is follow these three simple steps:Step 1: Share some basic information about yourself Step 2: Verify your identity by confirming the OTP sent to your mobile number and email ID Step 3: Check your CIBIL score and report.It’s free and it is really that easy. And the best part? Checking your CIBIL score on the website has no impact on your credit score. The payments you make towards loans or credit cards have the greatest impact on your credit score. If you falter, delay or miss payments then the financial negligence will lower your credit score. A low CIBIL score will disallow you from availing credit at nominal interest and in worse cases; you won't be able to receive approval on credit request.

Who Computes Credit Score?

Your Credit Score is computed by. There are four companies in Indian which do the job– CIBIL Trans Union, Experian, Equifax and High Mark.Let’s unveil the mystery around how these companies compute your score. When you make a transaction—the one that is relevant to determine your score—banks send details about it to all four credit bureaus. To send details to all credit agencies is a mandate by the RBI. Essentially, banks keep Credit Information Companies up-to-date about your monetary habits. If a bank needs to check your Credit Score, they can approach any one of the bureaus. It doesn’t matter which one because all will have the same score for you– all four are equally authoritative and on par with each other. After receiving information from the bank, credit bureaus get down to the task of collecting more information about your financial habits from other banks and financial institutions. The credit bureaus then processes this information to formulate what is called a Credit Report. Now, what is a Credit Report? A Credit Report is your financial marks card. It contains your Credit Score. It’s wiser to check your score from time to time.

Why Should I check my Credit Score?

It is very important that you keep a close eye on your Credit Score. It is the best way to gauge your chances to get a line of credit. Another reason why you should track your score is to know if it dips, or if an error has been made by credit agencies while calculating your score. This will help you make timely amends.

Why is SwiftLoans Giving me my Credit Score for Free?

SwiftLoans feels that you should always be in complete command of your personal finances. In order to help you with this goal, we have made provisions for you to check your Credit Score for free. Knowing your Credit Score before can help greatly. If you have a good score, you can be rest assured that your loan or Credit Card application will be processed without any hassle. You can even leverage a good score to ask your lender bank for better rates of interest and additional benefits. On the other hand, seeking credit with a poor score will further lower your score. Let’s not even imagine getting approval for a credit line. Hence, check your Credit Score before you apply for a financial product. Work up the score if it’s not in the acceptable range. TIP:Credit agencies review and renew your score every few months. If you have a poor Credit Score, start managing your money wisely and pay your dues on time for a good few months. Credit agencies will reward you by boosting your score.

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